AI 銘柄分析 · 10年

Samsung Electro-Mechanics Co., Ltd. / 三星電機

009150 · KRW · 分析基準日 2026-11-06

サムスン電機：電子部品と先端基板の10年評価

10年期待年率4.66%

資本コスト11.50%

直近終値870,000.00 KRW2026-11-06

AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。

分析の要約

MLCC、半導体パッケージ基板、カメラ事業を5シナリオで評価。Q3はレビュー前の速報、基準日の株数と親会社資本・合弁事業への外部出資は代理値または仮定です。韓国でETFが負担する配当源泉税は未反映です。

要約の補足

overview_ja

2026Q3のMLCCとFCBGAのAI需要で売上と利益率は上昇。大型増産決議とSamsung Electronics向け集中、スマホ循環、価格競争・顧客資金条件が重要。2036終価は2037持続FCFFとRONIC・再投資・WACCにより評価。

key_risks_ja

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1: 6.78兆KRWのFCBGA計画は成長の条件であると同時にFCF悪化リスク
2: AI向け高容量MLCC・FCBGAのASPと数量は会社非開示でマージンは推計
3: Samsung Electronicsグループへの2026上半期売上が約26%（DART要直接再確認）
4: 2026Q3暫定連結純資産で親会社分未開示、NCIは半期DART代理値を延長
5: 今後の配当・自己株取得・SBC・FX・日付は全て予測

ten_year_range

calendar 2026-11-06 through 2036-11-06; dated flows /365.25 actual days, exactly 55 forecast periods

tax_policy

gross Korean local cash distributions before investor tax; Korean ETF effective withholding, Japan or US investor tax not modeled

future_corporate_actions

none treated as resolved beyond 2026-11-06; all modeled future dividend, buyback and grants hypothetical

結論の補足

company: Samsung Electro-Mechanics
valuation_date: 2026-11-06
price_krw: 870000
market_value_of_opening_ordinary_common_cohort_oku: 632435.1552
neutral_irr: 0.012419123749
probability_weighted_scenario_IRR: -0.028544305831
IRR_from_probability_weighted_cashflow_and_terminal: 0.046588026438
mean_discounted_old_common_fair_value_krw: 526901.621
recommendation_ja: AI関連需要は追い風だが大型CAPEXとMLCC・基板の周期を織り込む。市場PER回帰を避け、5ケースの事業FCFFで10年後価値を評価。
状態: scenario_assumptions_not_guaranteed_return

事業

model: manufactures passive component MLCC, high-density FCBGA semiconductor packages, optical camera modules
moat_ja: MLCC小型大容量・耐熱とADAS品質、FCBGA微細配線・大面積歩留りに技術優位。新工場は顧客長期契約で支えるが数量保証・支援入金額は未検証。
customers: Samsung Electronics and consolidated subsidiaries approximately 26% of H1 reported sales (secondary transcription); others unnamed global Big Tech and automotive customers; concentration risks.
price_volume_mix: segment sales known but unit ASP, units, and operating profit by segment not disclosed: forecast growth and margins are analyst judgment, not official disclosures.
sbc_rule: P&L operating profit and parent profit already net of SBC; CFO addback and shares dilution explicitly recorded; 2026 Q4 accrual vests 2027 rather than disappearing, with 2037 perpetual awards share-neutralized through cash market repurchase

競争力・事業の質

financial_2026q3_status

preliminary company issued 2026-10-28 pre-external review

reported_last_2026_q3

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currency: KRW
単位: oku KRW
sales: 37633
operating_profit: 6910
pbt: 6097
tax_expense: 1247
consolidated_net_profit: 4850
parent_profit: 4687
nci_profit_derived: 163
assets: 170612
debt: 34263
cash: 41137
equity_total: 104988
quarter_capex_intangible_tangible: 8627

reported_2026_h1_derived_secondary

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親会社持分（億）: 102305.79
非支配持分資本（億）: 2985.63
consolidated_total_oku: 105291.42
出典: secondary reproducing 2026-08-14 DART report; direct DART unavailable

2026q3_nci_and_parent_equity_proxy

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非支配持分（億）: 3148.63
parent_oku: 101839.37
q3_oci_and_other_to_reconcile_oku: -5153.42
方法: Q2 NCI+Q3 reported consolidated less parent profit; all Q3 OCI and other equity movement forced to parent as residual; inherently uncertain

q3_earnings_after_sbc

reported K-IFRS parent result; no additional SBC deduction

nine_months_exact_through_q3_2026

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sales_oku: 104295.96
営業利益（億）: 14118.99
pbt_oku: 13593.93
income_tax_oku_derived: 2933.7
consolidated_profit_oku: 10660.23
parent_profit_oku: 10335.3
状態: KRX fair-disclosure cumulative numbers from 2026-10-28 primary filing, reproduced by filings archive; Q1-Q3 component sums are rounded IR deck numbers

2026Q3_parent_return_on_equity_LTM_proxy

未確認

業界と環境

cycles

smartphone handset seasonality and inventory cycles; AI capex availability, FC-BGA yield and MLCC capacity; autos and EV ADAS slower smoothing demand

technologies

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1: AI server MLCC
2: advanced FCBGA substrates
3: automotive MLCC
4: camera modules
5: Glasssem glass cores

competitors

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1: Murata
2: Taiyo Yuden
3: Yageo
4: Ibiden
5: Unimicron
6: Nan Ya PCB
7: LG Innotek

risks

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1: price pressure on mature MLCC and handset cameras
2: geopolitical customer and supply-chain concentration
3: capex and inventory overbuild
4: overestimation of Big Tech funding and 2032 contracted volume

non_disclosed

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1: division EBIT/margin
2: MLCC AI revenue and product ASP/volume
3: FCBGA long term contract prices/units
4: specific Big Tech revenue concentration
5: SBC award level in 2026 after accounting cutoffs

財務・資本配分

historical_shares_as_of_proxy

2025-12-31 issuer formal annual report, assumed unchanged to 2026-11-06 pending definitive H1 share check

ordinary_outstanding_basis

72693696

preferred_outstanding

2853554

preferred_rights

nonvoting preferred, 2025 annual cash DPS KRW50 above ordinary; modeled equally residual participation and preference annuity, no terminal listed preferred market price regression

dividend_history

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fiscal_year: 2025
common_krw: 2350
preferred_krw: 2400
ex_date: 2025-12-29
pay_date: 2026-04-17
状態: paid_before_cutoff_excluded

future_dividend_policy

company states ~20% or more payout subject to capex and cashflow; scenario ratio forecast, never newly resolved on as_of

authorized_future_repurchases_as_of_date

未確認

share_treasury_policy

old cohort only ordinary outstanding; hypothetical buybacks are held in treasury, no future cancellations; no company cash represented by SBC dilution; no secondary trust purchases modeled

commitment_FCBGA_capex_oku

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sejong

42700

vietnam

25100

total

67800

allocation_forecast

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2027

sejong: 3500
vietnam: 1000

2028

sejong: 24000
vietnam: 7000

2029

sejong: 15200
vietnam: 10000

2030

sejong: 0
vietnam: 6000

2031

sejong: 0
vietnam: 1100

customer_cash_support_disclosed_without_amount

zero contract advances included in core case, avoid free-money double count

jv_2026_11_05

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total_subscription_oku: 3191
issuer_parent_cash_oku: 2391
issuer_parent_in_kind_oku: 800
ownership_pct: 0.662
partner_subscription_oku_inferred: 1630
consolidation_assumption: partner 1630 oku recognized as external NCI equity and consolidated cash before cutoff; parent 2391 internal cash transfer and 800 in-kind have zero group cash effect; if non-cash or consolidation delayed this bridge changes
put_call_options: deadlock call/put after 5 years; fair values unquantified not booked in projection

equity_accounting

parent book equity=P0+parent NI after SBC+SBC reserve credit-common/pref declared dividend-common buyback+OCI; NCI independently retained

評価の前提と確認

current_common_price_krw

870000

year_2025_parent_profit_oku

7061

TTM_parent_profit_2025Q4_to_2026Q3_oku

12564

TTM_ordinary_plus_preferred_EPS_KRW

16630.652

spot_TTM_PE_indicator_only_not_terminal_used

52.313

terminal_formula

EV=2037 normalized FCFF_after_cash_stock_neutralization/(WACC-g); operating_NOCF after reported SBC plus SBC addback minus market share neutralization and growth reinvestment; parent equity=(EV -gross_debt + cash_above_min_required)*(1-NCI_value_share); allocate between ordinary and nonvoting preferred; old cohort proportion of ordinary equity

not_used

1: current market P/E terminal target
2: analyst price target
3: future stock quote to determine terminal market cap

scenario_fair_value_krw_per_initial_share

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very_bearish: 8223.095
bearish: 85680.465
neutral: 353806.898
bullish: 867906.683
very_bullish: 1938391.23

disputed_desktop_894000_quote_sensitivity_only

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alternative_price_krw

894000

price_not_used_in_basis

はい

alternative_initial_ordinary_common_market_value_oku

649881.64224

case_IRR_at_alternative_buy_price_no_operating_changes

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very_bearish: -0.492131540799
bearish: -0.12274907982
neutral: 0.009520902178
bullish: 0.097514810246
very_bullish: 0.190887637349

weighted_mean_of_alternative_price_case_IRRs

-0.031362883389

説明

A minority of the official company desktop historical table snapshots rendered 894000 versus 870000 in company mobile/Japanese and multiple other market data feeds; alternate price is a sensitivity only, not an alternative fact.

資本コストの前提

資本コスト

11.50%

k_meaning

neutral equity discount rate for old shareholder dated-CF present value, separately from enterprise WACC

neutral_wacc

0.091

scenario_wacc_varies

はい

coc_k_scenario_specific

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very_bearish: 0.15
bearish: 0.132
neutral: 0.115
bullish: 0.101
very_bullish: 0.096

normalization

nominal KRW KR bond-equity funding capital cost; modeling judgment not company disclosed

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

事業別データを開く →

10年のシナリオ

シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億KRW。株主の範囲や受取時点は各分析の前提を確認してください。

シナリオ	確率	株主還元・追加負担	終価
最悪	10.0%	9,086.71	0.00
弱気	20.0%	28,329.19	159,478.08
中立	40.0%	81,176.98	629,983.73
強気	20.0%	166,414.00	1,404,444.52
最良	10.0%	329,276.79	3,057,026.36

最悪（確率 10.0%）

事業別の売上と利益率、設備投資、普通株と優先株の配分、株式報酬を仮定して、旧普通株主の配当・買戻しと残存価値を試算。

このシナリオの数値・キャッシュフローを開く →

弱気（確率 20.0%）

事業別の売上と利益率、設備投資、普通株と優先株の配分、株式報酬を仮定して、旧普通株主の配当・買戻しと残存価値を試算。

日付別キャッシュフロー

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想定日: 2026-12-29
year: 0.1451060917
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2026
common_dps_krw: 3850
preferred_dps_krw: 3900
record_date: 2026-12-31
scheduled_payment_date_assumed: 2027-04-19
preferred_cash_not_attributable_to_old_common_oku: 111.288606
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2027-04-19
year: 0.4490075291
金額: 2798.707296
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2026
dps_krw: 3850
record_date: 2026-12-31
declaration_date_assumed: 2027-03-15
record_common_shares: 72693696
old_cohort_record_shares: 72693696
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2026-12-29

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想定日: 2027-06-30
year: 0.6461327858
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 63149
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 836520.15

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想定日: 2027-12-29
year: 1.144421629
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2027
common_dps_krw: 3650
preferred_dps_krw: 3700
record_date: 2027-12-31
scheduled_payment_date_assumed: 2028-04-17
preferred_cash_not_attributable_to_old_common_oku: 105.581498
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2028-04-17
year: 1.4455852156
金額: 2653.319904
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2027
dps_krw: 3650
record_date: 2027-12-31
declaration_date_assumed: 2028-03-15
record_common_shares: 72756845
old_cohort_record_shares: 72693696
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2027-12-29

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想定日: 2028-06-30
year: 1.6481861739
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 54373
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 815607.15

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想定日: 2028-12-29
year: 2.1464750171
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2028
common_dps_krw: 3650
preferred_dps_krw: 3700
record_date: 2028-12-31
scheduled_payment_date_assumed: 2029-04-17
preferred_cash_not_attributable_to_old_common_oku: 105.581498
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2029-04-17
year: 2.4449007529
金額: 2653.319904
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2028
dps_krw: 3650
record_date: 2028-12-31
declaration_date_assumed: 2029-03-15
record_common_shares: 72811218
old_cohort_record_shares: 72693696
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2028-12-29

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想定日: 2029-06-30
year: 2.6475017112
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 58144
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 795216.97

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想定日: 2029-10-15
year: 2.9404517454
金額: 189.74148
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 190.199994
issuer_shares_bought: 23918
old_cohort_shares_tendered: 23860.340933519
ownership_fraction_at_tender: 0.997589302346
repurchase_price_krw: 795216.968

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想定日: 2029-12-28
year: 3.1430527036
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2029
common_dps_krw: 3500
preferred_dps_krw: 3550
record_date: 2029-12-31
scheduled_payment_date_assumed: 2030-04-17
preferred_cash_not_attributable_to_old_common_oku: 101.301167
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2030-04-17
year: 3.4442162902
金額: 2543.444248
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2029
dps_krw: 3500
record_date: 2029-12-31
declaration_date_assumed: 2030-03-15
record_common_shares: 72845444
old_cohort_record_shares: 72669835.659066
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2029-12-28

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想定日: 2030-06-30
year: 3.6468172485
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 61518
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 775336.54

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想定日: 2030-10-15
year: 3.9397672827
金額: 192.446341
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 193.074306
issuer_shares_bought: 24902
old_cohort_shares_tendered: 24821.007458548
ownership_fraction_at_tender: 0.996747548733
repurchase_price_krw: 775336.544

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想定日: 2030-12-27
year: 4.1396303901
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2030
common_dps_krw: 3550
preferred_dps_krw: 3600
record_date: 2030-12-31
scheduled_payment_date_assumed: 2031-04-17
preferred_cash_not_attributable_to_old_common_oku: 102.727944
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2031-04-17
year: 4.4435318275
金額: 2578.89802
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2030
dps_krw: 3550
record_date: 2030-12-31
declaration_date_assumed: 2031-03-17
record_common_shares: 72882060
old_cohort_record_shares: 72645014.651608
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2030-12-27

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想定日: 2031-06-30
year: 4.6461327858
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 64775
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 755953.13

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想定日: 2031-10-15
year: 4.93908282
金額: 194.688162
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 195.497039
issuer_shares_bought: 25861
old_cohort_shares_tendered: 25753.999113261
ownership_fraction_at_tender: 0.995862461361
repurchase_price_krw: 755953.13

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想定日: 2031-12-29
year: 5.144421629
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2031
common_dps_krw: 3600
preferred_dps_krw: 3650
record_date: 2031-12-31
scheduled_payment_date_assumed: 2032-04-19
preferred_cash_not_attributable_to_old_common_oku: 104.154721
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2032-04-19
year: 5.4510609172
金額: 2614.293383
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2031
dps_krw: 3600
record_date: 2031-12-31
declaration_date_assumed: 2032-03-15
record_common_shares: 72920974
old_cohort_record_shares: 72619260.652495
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2031-12-29

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想定日: 2032-06-30
year: 5.6481861739
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 67867
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 737054.3

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想定日: 2032-10-15
year: 5.9411362081
金額: 196.919014
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 197.921192
issuer_shares_bought: 26853
old_cohort_shares_tendered: 26717.029337422
ownership_fraction_at_tender: 0.994936481489
repurchase_price_krw: 737054.302

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想定日: 2032-12-29
year: 6.1464750171
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2032
common_dps_krw: 3650
preferred_dps_krw: 3700
record_date: 2032-12-31
scheduled_payment_date_assumed: 2033-04-18
preferred_cash_not_attributable_to_old_common_oku: 105.581498
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2033-04-18
year: 6.4476386037
金額: 2649.627842
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2032
dps_krw: 3650
record_date: 2032-12-31
declaration_date_assumed: 2033-03-15
record_common_shares: 72961988
old_cohort_record_shares: 72592543.623157
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2032-12-29

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想定日: 2033-06-30
year: 6.6475017112
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 71108
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 718627.94

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想定日: 2033-10-17
year: 6.945927447
金額: 200.523478
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 201.740423
issuer_shares_bought: 28073
old_cohort_shares_tendered: 27903.657228675
ownership_fraction_at_tender: 0.993967770765
repurchase_price_krw: 718627.945

内容を開く

想定日: 2033-12-29
year: 7.1457905544
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2033
common_dps_krw: 3700
preferred_dps_krw: 3750
record_date: 2033-12-31
scheduled_payment_date_assumed: 2034-04-17
preferred_cash_not_attributable_to_old_common_oku: 107.008275
ex_date_status: forecast_not_KRX_confirmed

内容を開く

想定日: 2034-04-17
year: 7.4442162902
金額: 2684.891679
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2033
dps_krw: 3700
record_date: 2033-12-31
declaration_date_assumed: 2034-03-15
record_common_shares: 73005023
old_cohort_record_shares: 72564639.965929
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2033-12-29

内容を開く

想定日: 2034-06-30
year: 7.6468172485
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 74404
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 700662.25

内容を開く

想定日: 2034-10-16
year: 7.9425051335
金額: 204.446228
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 205.896608
issuer_shares_bought: 29386
old_cohort_shares_tendered: 29178.998763069
ownership_fraction_at_tender: 0.992955787214
repurchase_price_krw: 700662.246

内容を開く

想定日: 2034-12-29
year: 8.1451060917
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2034
common_dps_krw: 3800
preferred_dps_krw: 3850
record_date: 2034-12-31
scheduled_payment_date_assumed: 2035-04-17
preferred_cash_not_attributable_to_old_common_oku: 109.861829
ex_date_status: forecast_not_KRX_confirmed

内容を開く

想定日: 2035-04-17
year: 8.4435318275
金額: 2756.347517
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2034
dps_krw: 3800
record_date: 2034-12-31
declaration_date_assumed: 2035-03-15
record_common_shares: 73050041
old_cohort_record_shares: 72535460.967165
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2034-12-29

内容を開く

想定日: 2035-06-30
year: 8.6461327858
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 77854
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 683145.69

内容を開く

想定日: 2035-10-15
year: 8.93908282
金額: 208.724607
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 210.429367
issuer_shares_bought: 30803
old_cohort_shares_tendered: 30553.454385247
ownership_fraction_at_tender: 0.991898658743
repurchase_price_krw: 683145.69

内容を開く

想定日: 2035-12-28
year: 9.1416837782
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2035
common_dps_krw: 3900
preferred_dps_krw: 3950
record_date: 2035-12-31
scheduled_payment_date_assumed: 2036-04-17
preferred_cash_not_attributable_to_old_common_oku: 112.715383
ex_date_status: forecast_not_KRX_confirmed

内容を開く

想定日: 2036-04-17
year: 9.4455852156
金額: 2827.691393
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2035
dps_krw: 3900
record_date: 2035-12-31
declaration_date_assumed: 2036-03-17
record_common_shares: 73097092
old_cohort_record_shares: 72504907.51278
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding
ex_date_model_context: 2035-12-28

内容を開く

想定日: 2036-06-30
year: 9.6481861739
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 69223
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 666067.05

内容を開く

想定日: 2036-10-15
year: 9.9411362081
金額: 181.156211
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 182.808762
issuer_shares_bought: 27446
old_cohort_shares_tendered: 27197.89416203
ownership_fraction_at_tender: 0.990960218685
repurchase_price_krw: 666067.048

その他の数値・前提

scenario

bearish

label_ja

弱気

parameters

内容を開く

q4_revenue

1: 19000
2: 9700
3: 9900

q4_margins

1: 0.23
2: 0.14
3: 0.04

q4_overhead_rate

0.017

growth_c

内容を開く

1: 0.05
2: 0.06
3: 0.04
4: 0.03
5: 0.025
6: 0.02
7: 0.02
8: 0.02
9: 0.02
10: 0.02

growth_p

内容を開く

1: 0.11
2: 0.09
3: 0.075
4: 0.05
5: 0.04
6: 0.03
7: 0.03
8: 0.025
9: 0.025
10: 0.025

growth_o

内容を開く

1: 0
2: 0.015
3: 0.015
4: 0.015
5: 0.015
6: 0.015
7: 0.015
8: 0.015
9: 0.015
10: 0.015

margins_2027

1: 0.214
2: 0.15
3: 0.032

margins_2036

1: 0.183
2: 0.105
3: 0.038

overhead

0.016

税率

25.00%

nci_income_share

0.038

nci_fair_share

0.05

other_nonop

0.006

cash_interest

0.015

debt_interest

0.056

depreciation_rate

0.072

sbc_rate

0.0028

working_capital_rate

0.105

capex_maint_rate

0.073

extra_capex

内容を開く

2028: 5200
2029: 3500
2030: 900
2027: 1200

dividend_ratio

0.21

buyback_ratio

0.015

annual_share_price_drift

-0.025

wacc

0.107

cost_equity

0.132

g_terminal

0.016

ron_ic_terminal

0.14

initial_cutoff_bridge

内容を開く

as_of_q3_reported

内容を開く

日付: 2026-09-30
現金（億）: 41137
debt_oku: 34263
equity_total_oku: 104988
ppe_intangible_oku: 70435
nci_equity_proxy_oku: 3148.63
parent_equity_proxy_oku: 101839.37

model_assumed_q3_nci_rollforward

Q2 NCI 2985.63oku +Q3 company-reported consolidated 4850oku less parent 4687oku=3148.63oku; disregards Q3 NCI OCI/dividend

jv_2026_11_05_partner_cash_capital_injection_oku_assumed

1630

jv_intra_group_parent_cash_subscription_oku_excluded_from_consolidated_cash_outflow

2391

jv_intra_group_in_kind_subscription_oku_excluded_from_consolidated_cashflow

800

2026_09_30_to_11_06_modelled_period

内容を開く

period

2026-09-30_to_2026-11-06_proxy

状態

historical_to_cutoff_synthetic_bridge

開始日

2026-09-30

終了日

2026-11-06

start_days_from_2026-11-06

-37

end_days_from_2026-11-06

period_fraction_365_25

0.101300479

opening

内容を開く

親会社持分（億）: 101839.37
非支配持分資本（億）: 3148.63
consolidated_equity_oku: 104988
現金（億）: 41137
interest_bearing_debt_oku: 34263
net_debt_oku: -6874
ppe_plus_intangibles_oku: 70435
common_issued_shares: 74693696
common_treasury_shares: 2000000
common_outstanding_shares: 72693696
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 1

segments

component

sales_oku: 7641.304348
operating_margin_after_sbc_proxy: 0.23
営業利益（株式報酬控除後）: 1757.5

package

sales_oku: 3901.086957
operating_margin_after_sbc_proxy: 0.14
営業利益（株式報酬控除後）: 546.152174

optics

sales_oku: 3981.521739
operating_margin_after_sbc_proxy: 0.04
営業利益（株式報酬控除後）: 159.26087

income

内容を開く

total_sales_oku: 15523.913043
unallocated_corporate_cost_oku: 263.906522
営業利益（株式報酬控除後）: 2199.006522
sbc_expense_included_in_operating_profit_oku: 43.466957
interest_income_oku: 62.507967
interest_expense_oku: 194.368066
other_nonoperating_oku: -93.143478
profit_before_tax_oku: 1974.002945
income_tax_expense_oku: 493.500736
consolidated_net_profit_oku: 1480.502209
nci_profit_oku: 56.259084
parent_net_profit_after_sbc_oku: 1424.243125
depreciation_and_amortization_oku: 1117.721739

cashflow

内容を開く

operating_cashflow_proxy_oku: 2588.800209
capital_expenditure_cash_oku: 3425.636957
committed_FCBGA_project_capex_within_total_oku: 1809.782609
maintenance_capex_proxy_oku: 1133.245652
additional_growth_capex_oku: 482.608696
working_capital_investment_oku: 52.890696
free_cashflow_before_financing_oku: -836.836748
dividend_cash_paid_common_oku: 0
dividend_cash_paid_preferred_oku: 0
nci_cash_dividend_oku: 0
external_nci_capital_cash_received_oku: 1630
issuer_common_share_buyback_cash_oku: 0
net_debt_issuance_repayment_oku: -6362.173463
cash_identity_close_oku: 35567.989789

shares_and_holder

内容を開く

new_common_shares_from_sbc: 0
sbc_issuance_date_assumed: 未確認
sbc_grant_fair_value_price_proxy_krw: 未確認
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 0
assumed_buyback_price_krw: 未確認
old_common_shares_tendered: 0
proportional_tender_ratio: 0
old_holder_cash_dividends_received_oku: 0
old_holder_buyback_cash_received_oku: 0
old_holder_total_cash_received_oku: 0
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 101839.37
parent_profit_oku: 1424.243125
equity_settled_sbc_reserve_credit_oku: 43.466957
dividend_declared_and_paid_common_oku: 0
dividend_declared_and_paid_preferred_oku: 0
treasury_common_buyback_oku: 0
nci_open_oku: 3148.63
nci_profit_oku: 56.259084
nci_dividend_oku: 0
external_nci_cash_capital_oku: 1630
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 103307.080081

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 103307.080081
非支配持分資本（億）: 4834.889084
consolidated_equity_oku: 108141.969165
現金（億）: 35567.989789
interest_bearing_debt_oku: 27900.826537
net_debt_oku: -7667.163252
ppe_plus_intangibles_oku: 72742.915217
common_issued_shares: 74693696
common_treasury_shares: 2000000
common_outstanding_shares: 72693696
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 1

dividend_paid_from_fiscal_year

未確認

dividend_right_created_fiscal_year

未確認

source_class

author_model_assumption_not_company_guidance

2026_11_06_opening_state

内容を開く

親会社持分（億）: 103307.080081
非支配持分資本（億）: 4834.889084
consolidated_equity_oku: 108141.969165
現金（億）: 35567.989789
interest_bearing_debt_oku: 27900.826537
net_debt_oku: -7667.163252
ppe_plus_intangibles_oku: 72742.915217
common_issued_shares: 74693696
common_treasury_shares: 2000000
common_outstanding_shares: 72693696
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 1

annual_fy2026_to_2035

内容を開く

2027

内容を開く

year

2026

状態

nine_month_reported_plus_q4_scenario_proxy

actual_preliminary_9m

内容を開く

component_sales_oku: 49409
package_sales_oku: 24356
optics_sales_oku: 30531
sales_oku: 104296
営業利益（億）: 14120
parent_profit_oku: 10336
pre_tax_oku: 13594
tax_oku: 2936
total_net_profit_oku: 10660
nci_net_profit_oku: 324

full_year_segment_sales_oku

component: 68409
package: 34056
optics: 40431

q4_full_year_scenario_sales_oku

component: 19000
package: 9700
optics: 9900

full_year_sales_oku

142896

q4_operating_profit_oku

5467.8

full_year_pretax_oku

18543.402313

full_year_income_tax_expense_oku

4173.350578

full_year_consolidated_net_profit_oku

14372.051735

full_year_nci_profit_oku

465.057966

full_year_operating_profit_oku

19587.8

full_year_parent_net_profit_after_sbc_oku

13906.993769

forecast_2026_annual_common_dps_paid_in_2027_krw

3850

dividend_status

forecast_not_declared_as_of_cutoff

2028

内容を開く

year

2027

状態

forecast

annual_revenue_oku

150062.61

annual_segment_sales_oku

component: 71829.45
package: 37802.16
optics: 40431

annual_ebit_after_sbc_oku

19934.61654

annual_parent_profit_after_sbc_oku

13065.524915

2029

内容を開く

year

2028

状態

forecast

annual_revenue_oku

158381.0364

annual_segment_sales_oku

component: 76139.217
package: 41204.3544
optics: 41037.465

annual_ebit_after_sbc_oku

20812.627131

annual_parent_profit_after_sbc_oku

13091.559619

2030

内容を開く

year

2029

状態

forecast

annual_revenue_oku

165132.493635

annual_segment_sales_oku

component: 79184.78568
package: 44294.68098
optics: 41653.026975

annual_ebit_after_sbc_oku

21347.618617

annual_parent_profit_after_sbc_oku

12680.043857

2031

内容を開く

year

2030

状態

forecast

annual_revenue_oku

170347.566659

annual_segment_sales_oku

component: 81560.32925
package: 46509.415029
optics: 42277.82238

annual_ebit_after_sbc_oku

21601.776314

annual_parent_profit_after_sbc_oku

12871.727874

2032

内容を開く

year

2031

状態

forecast

annual_revenue_oku

174881.118827

annual_segment_sales_oku

component: 83599.337482
package: 48369.79163
optics: 42911.989715

annual_ebit_after_sbc_oku

21716.035781

annual_parent_profit_after_sbc_oku

13033.327959

2033

内容を開く

year

2032

状態

forecast

annual_revenue_oku

178647.879171

annual_segment_sales_oku

component: 85271.324231
package: 49820.885379
optics: 43555.669561

annual_ebit_after_sbc_oku

21687.713287

annual_parent_profit_after_sbc_oku

13195.216997

2034

内容を開く

year

2033

状態

forecast

annual_revenue_oku

182501.267261

annual_segment_sales_oku

component: 86976.750716
package: 51315.51194
optics: 44209.004604

annual_ebit_after_sbc_oku

21644.870461

annual_parent_profit_after_sbc_oku

13449.78342

2035

内容を開く

year

2034

状態

forecast

annual_revenue_oku

186186.825143

annual_segment_sales_oku

component: 88716.28573
package: 52598.399739
optics: 44872.139674

annual_ebit_after_sbc_oku

21561.375479

annual_parent_profit_after_sbc_oku

13726.836305

2036

内容を開く

year

2035

状態

forecast

annual_revenue_oku

189949.192946

annual_segment_sales_oku

component: 90490.611445
package: 53913.359732
optics: 45545.221769

annual_ebit_after_sbc_oku

21463.109208

annual_parent_profit_after_sbc_oku

14029.073258

forecast_periods

内容を開く

period

2026_first_partial_11-06_to_12-31

状態

forecast_assumption_post_2026-11-06

開始日

2026-11-06

終了日

2026-12-31

start_days_from_2026-11-06

end_days_from_2026-11-06

period_fraction_365_25

0.150581793

opening

内容を開く

親会社持分（億）: 103307.080081
非支配持分資本（億）: 4834.889084
consolidated_equity_oku: 108141.969165
現金（億）: 35567.989789
interest_bearing_debt_oku: 27900.826537
net_debt_oku: -7667.163252
ppe_plus_intangibles_oku: 72742.915217
common_issued_shares: 74693696
common_treasury_shares: 2000000
common_outstanding_shares: 72693696
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 1

segments

component

sales_oku: 11358.695652
operating_margin_after_sbc_proxy: 0.23
営業利益（株式報酬控除後）: 2612.5

package

sales_oku: 5798.913043
operating_margin_after_sbc_proxy: 0.14
営業利益（株式報酬控除後）: 811.847826

optics

sales_oku: 5918.478261
operating_margin_after_sbc_proxy: 0.04
営業利益（株式報酬控除後）: 236.73913

income

内容を開く

total_sales_oku: 23076.086957
unallocated_corporate_cost_oku: 392.293478
営業利益（株式報酬控除後）: 3268.793478
sbc_expense_included_in_operating_profit_oku: 64.613043
interest_income_oku: 80.338375
interest_expense_oku: 235.275964
other_nonoperating_oku: -138.456522
profit_before_tax_oku: 2975.399368
income_tax_expense_oku: 743.849842
consolidated_net_profit_oku: 2231.549526
nci_profit_oku: 84.798882
parent_net_profit_after_sbc_oku: 2146.750644
depreciation_and_amortization_oku: 1661.478261

cashflow

内容を開く

operating_cashflow_proxy_oku: 3879.019526
capital_expenditure_cash_oku: 5092.163043
committed_FCBGA_project_capex_within_total_oku: 2690.217391
maintenance_capex_proxy_oku: 1684.554348
additional_growth_capex_oku: 717.391304
working_capital_investment_oku: 78.621304
free_cashflow_before_financing_oku: -1213.143517
dividend_cash_paid_common_oku: 0
dividend_cash_paid_preferred_oku: 0
nci_cash_dividend_oku: 0
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 0
net_debt_issuance_repayment_oku: -2953.280822
cash_identity_close_oku: 31401.565449

shares_and_holder

内容を開く

new_common_shares_from_sbc: 0
sbc_issuance_date_assumed: 未確認
sbc_grant_fair_value_price_proxy_krw: 未確認
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 0
assumed_buyback_price_krw: 未確認
old_common_shares_tendered: 0
proportional_tender_ratio: 0
old_holder_cash_dividends_received_oku: 0
old_holder_buyback_cash_received_oku: 0
old_holder_total_cash_received_oku: 0
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 103307.080081
parent_profit_oku: 2146.750644
equity_settled_sbc_reserve_credit_oku: 64.613043
dividend_declared_and_paid_common_oku: 0
dividend_declared_and_paid_preferred_oku: 0
treasury_common_buyback_oku: 0
nci_open_oku: 4834.889084
nci_profit_oku: 84.798882
nci_dividend_oku: 0
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 105518.443769

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 105518.443769
非支配持分資本（億）: 4919.687966
consolidated_equity_oku: 110438.131735
現金（億）: 31401.565449
interest_bearing_debt_oku: 24947.545714
net_debt_oku: -6454.019735
ppe_plus_intangibles_oku: 76173.6
common_issued_shares: 74693696
common_treasury_shares: 2000000
common_outstanding_shares: 72693696
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 1

dividend_paid_from_fiscal_year

未確認

dividend_right_created_fiscal_year

未確認

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2027_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2026-12-31

終了日

2027-12-31

start_days_from_2026-11-06

end_days_from_2026-11-06

420

period_fraction_365_25

0.999315537

opening

内容を開く

親会社持分（億）: 105518.443769
非支配持分資本（億）: 4919.687966
consolidated_equity_oku: 110438.131735
現金（億）: 31401.565449
interest_bearing_debt_oku: 24947.545714
net_debt_oku: -6454.019735
ppe_plus_intangibles_oku: 76173.6
common_issued_shares: 74693696
common_treasury_shares: 2000000
common_outstanding_shares: 72693696
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 1

segments

component

sales_oku: 71829.45
operating_margin_after_sbc_proxy: 0.214
営業利益（株式報酬控除後）: 15371.5023

package

sales_oku: 37802.16
operating_margin_after_sbc_proxy: 0.15
営業利益（株式報酬控除後）: 5670.324

optics

sales_oku: 40431
operating_margin_after_sbc_proxy: 0.032
営業利益（株式報酬控除後）: 1293.792

income

内容を開く

total_sales_oku: 150062.61
unallocated_corporate_cost_oku: 2401.00176
営業利益（株式報酬控除後）: 19934.61654
sbc_expense_included_in_operating_profit_oku: 420.175308
interest_income_oku: 470.701084
interest_expense_oku: 1396.106323
other_nonoperating_oku: -900.37566
profit_before_tax_oku: 18108.835641
income_tax_expense_oku: 4527.20891
consolidated_net_profit_oku: 13581.626731
nci_profit_oku: 516.101816
parent_net_profit_after_sbc_oku: 13065.524915
depreciation_and_amortization_oku: 10804.50792

cashflow

内容を開く

operating_cashflow_proxy_oku: 24053.815909
capital_expenditure_cash_oku: 47154.57053
committed_FCBGA_project_capex_within_total_oku: 31000
maintenance_capex_proxy_oku: 10954.57053
additional_growth_capex_oku: 5200
working_capital_investment_oku: 752.49405
free_cashflow_before_financing_oku: -23100.754621
dividend_cash_paid_common_oku: 2798.707296
dividend_cash_paid_preferred_oku: 111.288606
nci_cash_dividend_oku: 61.932218
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 0
net_debt_issuance_repayment_oku: 9677.378292
cash_identity_close_oku: 15006.261

shares_and_holder

内容を開く

new_common_shares_from_sbc: 63149
sbc_issuance_date_assumed: 2027-06-30
sbc_grant_fair_value_price_proxy_krw: 836520.151
prior_year_SBC_credit_now_issued_in_shares_oku: 108.08
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 0
assumed_buyback_price_krw: 未確認
old_common_shares_tendered: 0
proportional_tender_ratio: 0
old_holder_cash_dividends_received_oku: 2798.707296
old_holder_buyback_cash_received_oku: 0
old_holder_total_cash_received_oku: 2798.707296
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 105518.443769
parent_profit_oku: 13065.524915
equity_settled_sbc_reserve_credit_oku: 420.175308
dividend_declared_and_paid_common_oku: 2798.707296
dividend_declared_and_paid_preferred_oku: 111.288606
treasury_common_buyback_oku: 0
nci_open_oku: 4919.687966
nci_profit_oku: 516.101816
nci_dividend_oku: 61.932218
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 116094.14809

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 116094.14809
非支配持分資本（億）: 5373.857564
consolidated_equity_oku: 121468.005654
現金（億）: 15006.261
interest_bearing_debt_oku: 34624.924006
net_debt_oku: 19618.663006
ppe_plus_intangibles_oku: 112523.66261
common_issued_shares: 74756845
common_treasury_shares: 2000000
common_outstanding_shares: 72756845
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 0.999132054173

dividend_paid_from_fiscal_year

2026

dividend_right_created_fiscal_year

2027

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2028_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2027-12-31

終了日

2028-12-31

start_days_from_2026-11-06

420

end_days_from_2026-11-06

786

period_fraction_365_25

1.002053388

opening

内容を開く

親会社持分（億）: 116094.14809
非支配持分資本（億）: 5373.857564
consolidated_equity_oku: 121468.005654
現金（億）: 15006.261
interest_bearing_debt_oku: 34624.924006
net_debt_oku: 19618.663006
ppe_plus_intangibles_oku: 112523.66261
common_issued_shares: 74756845
common_treasury_shares: 2000000
common_outstanding_shares: 72756845
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 0.999132054173

segments

component

sales_oku: 76139.217
operating_margin_after_sbc_proxy: 0.2105556
営業利益（株式報酬控除後）: 16031.535135

package

sales_oku: 41204.3544
operating_margin_after_sbc_proxy: 0.145
営業利益（株式報酬控除後）: 5974.631388

optics

sales_oku: 41037.465
operating_margin_after_sbc_proxy: 0.0326667
営業利益（株式報酬控除後）: 1340.55719

income

内容を開く

total_sales_oku: 158381.0364
unallocated_corporate_cost_oku: 2534.096582
営業利益（株式報酬控除後）: 20812.627131
sbc_expense_included_in_operating_profit_oku: 443.466902
interest_income_oku: 225.55612
interest_expense_oku: 1942.977255
other_nonoperating_oku: -950.286218
profit_before_tax_oku: 18144.919777
income_tax_expense_oku: 4536.229944
consolidated_net_profit_oku: 13608.689833
nci_profit_oku: 517.130214
parent_net_profit_after_sbc_oku: 13091.559619
depreciation_and_amortization_oku: 11403.434621

cashflow

内容を開く

operating_cashflow_proxy_oku: 24582.156584
capital_expenditure_cash_oku: 40261.815657
committed_FCBGA_project_capex_within_total_oku: 25200
maintenance_capex_proxy_oku: 11561.815657
additional_growth_capex_oku: 3500
working_capital_investment_oku: 873.434772
free_cashflow_before_financing_oku: -15679.659074
dividend_cash_paid_common_oku: 2655.624842
dividend_cash_paid_preferred_oku: 105.581498
nci_cash_dividend_oku: 62.055626
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 0
net_debt_issuance_repayment_oku: 19334.76368
cash_identity_close_oku: 15838.10364

shares_and_holder

内容を開く

new_common_shares_from_sbc: 54373
sbc_issuance_date_assumed: 2028-06-30
sbc_grant_fair_value_price_proxy_krw: 815607.147
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 0
assumed_buyback_price_krw: 未確認
old_common_shares_tendered: 0
proportional_tender_ratio: 0
old_holder_cash_dividends_received_oku: 2653.319904
old_holder_buyback_cash_received_oku: 0
old_holder_total_cash_received_oku: 2653.319904
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 116094.14809
parent_profit_oku: 13091.559619
equity_settled_sbc_reserve_credit_oku: 443.466902
dividend_declared_and_paid_common_oku: 2655.624842
dividend_declared_and_paid_preferred_oku: 105.581498
treasury_common_buyback_oku: 0
nci_open_oku: 5373.857564
nci_profit_oku: 517.130214
nci_dividend_oku: 62.055626
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 126867.968271

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 126867.968271
非支配持分資本（億）: 5828.932152
consolidated_equity_oku: 132696.900422
現金（億）: 15838.10364
interest_bearing_debt_oku: 53959.687686
net_debt_oku: 38121.584046
ppe_plus_intangibles_oku: 141382.043646
common_issued_shares: 74811218
common_treasury_shares: 2000000
common_outstanding_shares: 72811218
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 0.99838593553

dividend_paid_from_fiscal_year

2027

dividend_right_created_fiscal_year

2028

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2029_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2028-12-31

終了日

2029-12-31

start_days_from_2026-11-06

786

end_days_from_2026-11-06

1151

period_fraction_365_25

0.999315537

opening

内容を開く

親会社持分（億）: 126867.968271
非支配持分資本（億）: 5828.932152
consolidated_equity_oku: 132696.900422
現金（億）: 15838.10364
interest_bearing_debt_oku: 53959.687686
net_debt_oku: 38121.584046
ppe_plus_intangibles_oku: 141382.043646
common_issued_shares: 74811218
common_treasury_shares: 2000000
common_outstanding_shares: 72811218
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72693696
old_cohort_pct_of_common_outstanding: 0.99838593553

segments

component

sales_oku: 79184.78568
operating_margin_after_sbc_proxy: 0.2071111
営業利益（株式報酬控除後）: 16400.048945

package

sales_oku: 44294.68098
operating_margin_after_sbc_proxy: 0.14
営業利益（株式報酬控除後）: 6201.255337

optics

sales_oku: 41653.026975
operating_margin_after_sbc_proxy: 0.0333333
営業利益（株式報酬控除後）: 1388.434232

income

内容を開く

total_sales_oku: 165132.493635
unallocated_corporate_cost_oku: 2642.119898
営業利益（株式報酬控除後）: 21347.618617
sbc_expense_included_in_operating_profit_oku: 462.370982
interest_income_oku: 237.408946
interest_expense_oku: 3019.67424
other_nonoperating_oku: -990.794962
profit_before_tax_oku: 17574.55836
income_tax_expense_oku: 4393.63959
consolidated_net_profit_oku: 13180.91877
nci_profit_oku: 500.874913
parent_net_profit_after_sbc_oku: 12680.043857
depreciation_and_amortization_oku: 11889.539542

cashflow

内容を開く

operating_cashflow_proxy_oku: 24823.926284
capital_expenditure_cash_oku: 18954.672035
committed_FCBGA_project_capex_within_total_oku: 6000
maintenance_capex_proxy_oku: 12054.672035
additional_growth_capex_oku: 900
working_capital_investment_oku: 708.90301
free_cashflow_before_financing_oku: 5869.254249
dividend_cash_paid_common_oku: 2657.609457
dividend_cash_paid_preferred_oku: 105.581498
nci_cash_dividend_oku: 60.10499
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 190.199994
net_debt_issuance_repayment_oku: 0
cash_identity_close_oku: 18693.86195

shares_and_holder

内容を開く

new_common_shares_from_sbc: 58144
sbc_issuance_date_assumed: 2029-06-30
sbc_grant_fair_value_price_proxy_krw: 795216.968
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 23918
assumed_buyback_price_krw: 795216.968
old_common_shares_tendered: 23860.340933519
proportional_tender_ratio: 0.997589302346
old_holder_cash_dividends_received_oku: 2653.319904
old_holder_buyback_cash_received_oku: 189.74148
old_holder_total_cash_received_oku: 2843.061384
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 126867.968271
parent_profit_oku: 12680.043857
equity_settled_sbc_reserve_credit_oku: 462.370982
dividend_declared_and_paid_common_oku: 2657.609457
dividend_declared_and_paid_preferred_oku: 105.581498
treasury_common_buyback_oku: 190.199994
nci_open_oku: 5828.932152
nci_profit_oku: 500.874913
nci_dividend_oku: 60.10499
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 137056.99216

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 137056.99216
非支配持分資本（億）: 6269.702075
consolidated_equity_oku: 143326.694236
現金（億）: 18693.86195
interest_bearing_debt_oku: 53959.687686
net_debt_oku: 35265.825736
ppe_plus_intangibles_oku: 148447.17614
common_issued_shares: 74869362
common_treasury_shares: 2023918
common_outstanding_shares: 72845444
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72669835.659066
old_cohort_pct_of_common_outstanding: 0.997589302346

dividend_paid_from_fiscal_year

2028

dividend_right_created_fiscal_year

2029

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2030_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2029-12-31

終了日

2030-12-31

start_days_from_2026-11-06

1151

end_days_from_2026-11-06

1516

period_fraction_365_25

0.999315537

opening

内容を開く

親会社持分（億）: 137056.99216
非支配持分資本（億）: 6269.702075
consolidated_equity_oku: 143326.694236
現金（億）: 18693.86195
interest_bearing_debt_oku: 53959.687686
net_debt_oku: 35265.825736
ppe_plus_intangibles_oku: 148447.17614
common_issued_shares: 74869362
common_treasury_shares: 2023918
common_outstanding_shares: 72845444
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72669835.659066
old_cohort_pct_of_common_outstanding: 0.997589302346

segments

component

sales_oku: 81560.32925
operating_margin_after_sbc_proxy: 0.2036667
営業利益（株式報酬控除後）: 16611.120391

package

sales_oku: 46509.415029
operating_margin_after_sbc_proxy: 0.135
営業利益（株式報酬控除後）: 6278.771029

optics

sales_oku: 42277.82238
operating_margin_after_sbc_proxy: 0.034
営業利益（株式報酬控除後）: 1437.445961

income

内容を開く

total_sales_oku: 170347.566659
unallocated_corporate_cost_oku: 2725.561067
営業利益（株式報酬控除後）: 21601.776314
sbc_expense_included_in_operating_profit_oku: 476.973187
interest_income_oku: 280.216
interest_expense_oku: 3019.67424
other_nonoperating_oku: -1022.0854
profit_before_tax_oku: 17840.232674
income_tax_expense_oku: 4460.058169
consolidated_net_profit_oku: 13380.174506
nci_profit_oku: 508.446631
parent_net_profit_after_sbc_oku: 12871.727874
depreciation_and_amortization_oku: 12265.024799

cashflow

内容を開く

operating_cashflow_proxy_oku: 25574.589824
capital_expenditure_cash_oku: 13535.372366
committed_FCBGA_project_capex_within_total_oku: 1100
maintenance_capex_proxy_oku: 12435.372366
additional_growth_capex_oku: 0
working_capital_investment_oku: 547.582668
free_cashflow_before_financing_oku: 12039.217458
dividend_cash_paid_common_oku: 2549.59054
dividend_cash_paid_preferred_oku: 101.301167
nci_cash_dividend_oku: 61.013596
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 193.074306
net_debt_issuance_repayment_oku: 0
cash_identity_close_oku: 27828.099799

shares_and_holder

内容を開く

new_common_shares_from_sbc: 61518
sbc_issuance_date_assumed: 2030-06-30
sbc_grant_fair_value_price_proxy_krw: 775336.544
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 24902
assumed_buyback_price_krw: 775336.544
old_common_shares_tendered: 24821.007458548
proportional_tender_ratio: 0.996747548733
old_holder_cash_dividends_received_oku: 2543.444248
old_holder_buyback_cash_received_oku: 192.446341
old_holder_total_cash_received_oku: 2735.890589
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 137056.99216
parent_profit_oku: 12871.727874
equity_settled_sbc_reserve_credit_oku: 476.973187
dividend_declared_and_paid_common_oku: 2549.59054
dividend_declared_and_paid_preferred_oku: 101.301167
treasury_common_buyback_oku: 193.074306
nci_open_oku: 6269.702075
nci_profit_oku: 508.446631
nci_dividend_oku: 61.013596
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 147561.727208

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 147561.727208
非支配持分資本（億）: 6717.135111
consolidated_equity_oku: 154278.862319
現金（億）: 27828.099799
interest_bearing_debt_oku: 53959.687686
net_debt_oku: 26131.587887
ppe_plus_intangibles_oku: 149717.523707
common_issued_shares: 74930880
common_treasury_shares: 2048820
common_outstanding_shares: 72882060
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72645014.651608
old_cohort_pct_of_common_outstanding: 0.996747548733

dividend_paid_from_fiscal_year

2029

dividend_right_created_fiscal_year

2030

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2031_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2030-12-31

終了日

2031-12-31

start_days_from_2026-11-06

1516

end_days_from_2026-11-06

1881

period_fraction_365_25

0.999315537

opening

内容を開く

親会社持分（億）: 147561.727208
非支配持分資本（億）: 6717.135111
consolidated_equity_oku: 154278.862319
現金（億）: 27828.099799
interest_bearing_debt_oku: 53959.687686
net_debt_oku: 26131.587887
ppe_plus_intangibles_oku: 149717.523707
common_issued_shares: 74930880
common_treasury_shares: 2048820
common_outstanding_shares: 72882060
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72645014.651608
old_cohort_pct_of_common_outstanding: 0.996747548733

segments

component

sales_oku: 83599.337482
operating_margin_after_sbc_proxy: 0.2002222
営業利益（株式報酬控除後）: 16738.445127

package

sales_oku: 48369.79163
operating_margin_after_sbc_proxy: 0.13
営業利益（株式報酬控除後）: 6288.072912

optics

sales_oku: 42911.989715
operating_margin_after_sbc_proxy: 0.0346667
営業利益（株式報酬控除後）: 1487.615643

income

内容を開く

total_sales_oku: 174881.118827
unallocated_corporate_cost_oku: 2798.097901
営業利益（株式報酬控除後）: 21716.035781
sbc_expense_included_in_operating_profit_oku: 489.667133
interest_income_oku: 417.135788
interest_expense_oku: 3019.67424
other_nonoperating_oku: -1049.286713
profit_before_tax_oku: 18064.210615
income_tax_expense_oku: 4516.052654
consolidated_net_profit_oku: 13548.157961
nci_profit_oku: 514.830003
parent_net_profit_after_sbc_oku: 13033.327959
depreciation_and_amortization_oku: 12591.440556

cashflow

内容を開く

operating_cashflow_proxy_oku: 26153.242672
capital_expenditure_cash_oku: 12766.321674
committed_FCBGA_project_capex_within_total_oku: 0
maintenance_capex_proxy_oku: 12766.321674
additional_growth_capex_oku: 0
working_capital_investment_oku: 476.022978
free_cashflow_before_financing_oku: 13386.920998
dividend_cash_paid_common_oku: 2587.31313
dividend_cash_paid_preferred_oku: 102.727944
nci_cash_dividend_oku: 61.7796
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 195.497039
net_debt_issuance_repayment_oku: -3055.095763
cash_identity_close_oku: 35212.607321

shares_and_holder

内容を開く

new_common_shares_from_sbc: 64775
sbc_issuance_date_assumed: 2031-06-30
sbc_grant_fair_value_price_proxy_krw: 755953.13
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 25861
assumed_buyback_price_krw: 755953.13
old_common_shares_tendered: 25753.999113261
proportional_tender_ratio: 0.995862461361
old_holder_cash_dividends_received_oku: 2578.89802
old_holder_buyback_cash_received_oku: 194.688162
old_holder_total_cash_received_oku: 2773.586183
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 147561.727208
parent_profit_oku: 13033.327959
equity_settled_sbc_reserve_credit_oku: 489.667133
dividend_declared_and_paid_common_oku: 2587.31313
dividend_declared_and_paid_preferred_oku: 102.727944
treasury_common_buyback_oku: 195.497039
nci_open_oku: 6717.135111
nci_profit_oku: 514.830003
nci_dividend_oku: 61.7796
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 158199.184187

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 158199.184187
非支配持分資本（億）: 7170.185513
consolidated_equity_oku: 165369.3697
現金（億）: 35212.607321
interest_bearing_debt_oku: 50904.591924
net_debt_oku: 15691.984603
ppe_plus_intangibles_oku: 149892.404826
common_issued_shares: 74995655
common_treasury_shares: 2074681
common_outstanding_shares: 72920974
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72619260.652495
old_cohort_pct_of_common_outstanding: 0.995862461361

dividend_paid_from_fiscal_year

2030

dividend_right_created_fiscal_year

2031

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2032_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2031-12-31

終了日

2032-12-31

start_days_from_2026-11-06

1881

end_days_from_2026-11-06

2247

period_fraction_365_25

1.002053388

opening

内容を開く

親会社持分（億）: 158199.184187
非支配持分資本（億）: 7170.185513
consolidated_equity_oku: 165369.3697
現金（億）: 35212.607321
interest_bearing_debt_oku: 50904.591924
net_debt_oku: 15691.984603
ppe_plus_intangibles_oku: 149892.404826
common_issued_shares: 74995655
common_treasury_shares: 2074681
common_outstanding_shares: 72920974
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72619260.652495
old_cohort_pct_of_common_outstanding: 0.995862461361

segments

component

sales_oku: 85271.324231
operating_margin_after_sbc_proxy: 0.1967778
営業利益（株式報酬控除後）: 16779.50169

package

sales_oku: 49820.885379
operating_margin_after_sbc_proxy: 0.125
営業利益（株式報酬控除後）: 6227.610672

optics

sales_oku: 43555.669561
operating_margin_after_sbc_proxy: 0.0353333
営業利益（株式報酬控除後）: 1538.966991

income

内容を開く

total_sales_oku: 178647.879171
unallocated_corporate_cost_oku: 2858.366067
営業利益（株式報酬控除後）: 21687.713287
sbc_expense_included_in_operating_profit_oku: 500.214062
interest_income_oku: 529.273687
interest_expense_oku: 2856.510653
other_nonoperating_oku: -1071.887275
profit_before_tax_oku: 18288.589046
income_tax_expense_oku: 4572.147262
consolidated_net_profit_oku: 13716.441785
nci_profit_oku: 521.224788
parent_net_profit_after_sbc_oku: 13195.216997
depreciation_and_amortization_oku: 12862.6473

cashflow

内容を開く

operating_cashflow_proxy_oku: 26683.79331
capital_expenditure_cash_oku: 13041.29518
committed_FCBGA_project_capex_within_total_oku: 0
maintenance_capex_proxy_oku: 13041.29518
additional_growth_capex_oku: 0
working_capital_investment_oku: 395.509836
free_cashflow_before_financing_oku: 13642.498131
dividend_cash_paid_common_oku: 2625.155064
dividend_cash_paid_preferred_oku: 104.154721
nci_cash_dividend_oku: 62.546975
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 197.921192
net_debt_issuance_repayment_oku: -6168.919162
cash_identity_close_oku: 39696.408338

shares_and_holder

内容を開く

new_common_shares_from_sbc: 67867
sbc_issuance_date_assumed: 2032-06-30
sbc_grant_fair_value_price_proxy_krw: 737054.302
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 26853
assumed_buyback_price_krw: 737054.302
old_common_shares_tendered: 26717.029337422
proportional_tender_ratio: 0.994936481489
old_holder_cash_dividends_received_oku: 2614.293383
old_holder_buyback_cash_received_oku: 196.919014
old_holder_total_cash_received_oku: 2811.212398
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 158199.184187
parent_profit_oku: 13195.216997
equity_settled_sbc_reserve_credit_oku: 500.214062
dividend_declared_and_paid_common_oku: 2625.155064
dividend_declared_and_paid_preferred_oku: 104.154721
treasury_common_buyback_oku: 197.921192
nci_open_oku: 7170.185513
nci_profit_oku: 521.224788
nci_dividend_oku: 62.546975
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 168967.384268

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 168967.384268
非支配持分資本（億）: 7628.863326
consolidated_equity_oku: 176596.247595
現金（億）: 39696.408338
interest_bearing_debt_oku: 44735.672761
net_debt_oku: 5039.264423
ppe_plus_intangibles_oku: 150071.052705
common_issued_shares: 75063522
common_treasury_shares: 2101534
common_outstanding_shares: 72961988
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72592543.623157
old_cohort_pct_of_common_outstanding: 0.994936481489

dividend_paid_from_fiscal_year

2031

dividend_right_created_fiscal_year

2032

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2033_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2032-12-31

終了日

2033-12-31

start_days_from_2026-11-06

2247

end_days_from_2026-11-06

2612

period_fraction_365_25

0.999315537

opening

内容を開く

親会社持分（億）: 168967.384268
非支配持分資本（億）: 7628.863326
consolidated_equity_oku: 176596.247595
現金（億）: 39696.408338
interest_bearing_debt_oku: 44735.672761
net_debt_oku: 5039.264423
ppe_plus_intangibles_oku: 150071.052705
common_issued_shares: 75063522
common_treasury_shares: 2101534
common_outstanding_shares: 72961988
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72592543.623157
old_cohort_pct_of_common_outstanding: 0.994936481489

segments

component

sales_oku: 86976.750716
operating_margin_after_sbc_proxy: 0.1933333
営業利益（株式報酬控除後）: 16815.505138

package

sales_oku: 51315.51194
operating_margin_after_sbc_proxy: 0.12
営業利益（株式報酬控除後）: 6157.861433

optics

sales_oku: 44209.004604
operating_margin_after_sbc_proxy: 0.036
営業利益（株式報酬控除後）: 1591.524166

income

内容を開く

total_sales_oku: 182501.267261
unallocated_corporate_cost_oku: 2920.020276
営業利益（株式報酬控除後）: 21644.870461
sbc_expense_included_in_operating_profit_oku: 511.003548
interest_income_oku: 595.038564
interest_expense_oku: 2503.48296
other_nonoperating_oku: -1095.007604
profit_before_tax_oku: 18641.418461
income_tax_expense_oku: 4660.354615
consolidated_net_profit_oku: 13981.063846
nci_profit_oku: 531.280426
parent_net_profit_after_sbc_oku: 13449.78342
depreciation_and_amortization_oku: 13140.091243

cashflow

内容を開く

operating_cashflow_proxy_oku: 27227.552888
capital_expenditure_cash_oku: 13322.59251
committed_FCBGA_project_capex_within_total_oku: 0
maintenance_capex_proxy_oku: 13322.59251
additional_growth_capex_oku: 0
working_capital_investment_oku: 404.605749
free_cashflow_before_financing_oku: 13904.960378
dividend_cash_paid_common_oku: 2663.112562
dividend_cash_paid_preferred_oku: 105.581498
nci_cash_dividend_oku: 63.753651
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 201.740423
net_debt_issuance_repayment_oku: -7972.628614
cash_identity_close_oku: 42594.551968

shares_and_holder

内容を開く

new_common_shares_from_sbc: 71108
sbc_issuance_date_assumed: 2033-06-30
sbc_grant_fair_value_price_proxy_krw: 718627.945
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 28073
assumed_buyback_price_krw: 718627.945
old_common_shares_tendered: 27903.657228675
proportional_tender_ratio: 0.993967770765
old_holder_cash_dividends_received_oku: 2649.627842
old_holder_buyback_cash_received_oku: 200.523478
old_holder_total_cash_received_oku: 2850.151321
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 168967.384268
parent_profit_oku: 13449.78342
equity_settled_sbc_reserve_credit_oku: 511.003548
dividend_declared_and_paid_common_oku: 2663.112562
dividend_declared_and_paid_preferred_oku: 105.581498
treasury_common_buyback_oku: 201.740423
nci_open_oku: 7628.863326
nci_profit_oku: 531.280426
nci_dividend_oku: 63.753651
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 179957.736754

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 179957.736754
非支配持分資本（億）: 8096.390101
consolidated_equity_oku: 188054.126855
現金（億）: 42594.551968
interest_bearing_debt_oku: 36763.044147
net_debt_oku: -5831.507821
ppe_plus_intangibles_oku: 150253.553972
common_issued_shares: 75134630
common_treasury_shares: 2129607
common_outstanding_shares: 73005023
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72564639.965929
old_cohort_pct_of_common_outstanding: 0.993967770765

dividend_paid_from_fiscal_year

2032

dividend_right_created_fiscal_year

2033

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2034_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2033-12-31

終了日

2034-12-31

start_days_from_2026-11-06

2612

end_days_from_2026-11-06

2977

period_fraction_365_25

0.999315537

opening

内容を開く

親会社持分（億）: 179957.736754
非支配持分資本（億）: 8096.390101
consolidated_equity_oku: 188054.126855
現金（億）: 42594.551968
interest_bearing_debt_oku: 36763.044147
net_debt_oku: -5831.507821
ppe_plus_intangibles_oku: 150253.553972
common_issued_shares: 75134630
common_treasury_shares: 2129607
common_outstanding_shares: 73005023
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72564639.965929
old_cohort_pct_of_common_outstanding: 0.993967770765

segments

component

sales_oku: 88716.28573
operating_margin_after_sbc_proxy: 0.1898889
営業利益（株式報酬控除後）: 16846.236924

package

sales_oku: 52598.399739
operating_margin_after_sbc_proxy: 0.115
営業利益（株式報酬控除後）: 6048.81597

optics

sales_oku: 44872.139674
operating_margin_after_sbc_proxy: 0.0366667
営業利益（株式報酬控除後）: 1645.311788

income

内容を開く

total_sales_oku: 186186.825143
unallocated_corporate_cost_oku: 2978.989202
営業利益（株式報酬控除後）: 21561.375479
sbc_expense_included_in_operating_profit_oku: 521.32311
interest_income_oku: 638.480964
interest_expense_oku: 2057.321348
other_nonoperating_oku: -1117.120951
profit_before_tax_oku: 19025.414144
income_tax_expense_oku: 4756.353536
consolidated_net_profit_oku: 14269.060608
nci_profit_oku: 542.224303
parent_net_profit_after_sbc_oku: 13726.836305
depreciation_and_amortization_oku: 13405.45141

cashflow

内容を開く

operating_cashflow_proxy_oku: 27808.851551
capital_expenditure_cash_oku: 13591.638235
committed_FCBGA_project_capex_within_total_oku: 0
maintenance_capex_proxy_oku: 13591.638235
additional_growth_capex_oku: 0
working_capital_investment_oku: 386.983578
free_cashflow_before_financing_oku: 14217.213316
dividend_cash_paid_common_oku: 2701.185851
dividend_cash_paid_preferred_oku: 107.008275
nci_cash_dividend_oku: 65.066916
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 205.896608
net_debt_issuance_repayment_oku: -9098.540599
cash_identity_close_oku: 44634.067035

shares_and_holder

内容を開く

new_common_shares_from_sbc: 74404
sbc_issuance_date_assumed: 2034-06-30
sbc_grant_fair_value_price_proxy_krw: 700662.246
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 29386
assumed_buyback_price_krw: 700662.246
old_common_shares_tendered: 29178.998763069
proportional_tender_ratio: 0.992955787214
old_holder_cash_dividends_received_oku: 2684.891679
old_holder_buyback_cash_received_oku: 204.446228
old_holder_total_cash_received_oku: 2889.337907
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 179957.736754
parent_profit_oku: 13726.836305
equity_settled_sbc_reserve_credit_oku: 521.32311
dividend_declared_and_paid_common_oku: 2701.185851
dividend_declared_and_paid_preferred_oku: 107.008275
treasury_common_buyback_oku: 205.896608
nci_open_oku: 8096.390101
nci_profit_oku: 542.224303
nci_dividend_oku: 65.066916
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 191191.805436

issued_common_treasury_and_preferred_end

内容を開く

親会社持分（億）: 191191.805436
非支配持分資本（億）: 8573.547488
consolidated_equity_oku: 199765.352924
現金（億）: 44634.067035
interest_bearing_debt_oku: 27664.503549
net_debt_oku: -16969.563487
ppe_plus_intangibles_oku: 150439.740797
common_issued_shares: 75209034
common_treasury_shares: 2158993
common_outstanding_shares: 73050041
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72535460.967165
old_cohort_pct_of_common_outstanding: 0.992955787214

dividend_paid_from_fiscal_year

2033

dividend_right_created_fiscal_year

2034

source_class

author_model_assumption_not_company_guidance

内容を開く

period

2035_full_year

状態

forecast_assumption_post_2026-11-06

開始日

2034-12-31

終了日

2035-12-31

start_days_from_2026-11-06

2977

end_days_from_2026-11-06

3342

period_fraction_365_25

0.999315537

opening

内容を開く

親会社持分（億）: 191191.805436
非支配持分資本（億）: 8573.547488
consolidated_equity_oku: 199765.352924
現金（億）: 44634.067035
interest_bearing_debt_oku: 27664.503549
net_debt_oku: -16969.563487
ppe_plus_intangibles_oku: 150439.740797
common_issued_shares: 75209034
common_treasury_shares: 2158993
common_outstanding_shares: 73050041
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72535460.967165
old_cohort_pct_of_common_outstanding: 0.992955787214

segments

component

sales_oku: 90490.611445
operating_margin_after_sbc_proxy: 0.1864444
営業利益（株式報酬控除後）: 16871.471778

package

sales_oku: 53913.359732
operating_margin_after_sbc_proxy: 0.11
営業利益（株式報酬控除後）: 5930.469571

optics

sales_oku: 45545.221769
operating_margin_after_sbc_proxy: 0.0373333
営業利益（株式報酬控除後）: 1700.354946

income

内容を開く

total_sales_oku: 189949.192946
unallocated_corporate_cost_oku: 3039.187087
営業利益（株式報酬控除後）: 21463.109208
sbc_expense_included_in_operating_profit_oku: 531.85774
interest_income_oku: 669.05275
interest_expense_oku: 1548.151821
other_nonoperating_oku: -1139.695158
profit_before_tax_oku: 19444.31498
income_tax_expense_oku: 4861.078745
consolidated_net_profit_oku: 14583.236235
nci_profit_oku: 554.162977
parent_net_profit_after_sbc_oku: 14029.073258
depreciation_and_amortization_oku: 13676.341892

cashflow

内容を開く

operating_cashflow_proxy_oku: 28396.387248
capital_expenditure_cash_oku: 13866.291085
committed_FCBGA_project_capex_within_total_oku: 0
maintenance_capex_proxy_oku: 13866.291085
additional_growth_capex_oku: 0
working_capital_investment_oku: 395.048619
free_cashflow_before_financing_oku: 14530.096163
dividend_cash_paid_common_oku: 2775.901558
dividend_cash_paid_preferred_oku: 109.861829
nci_cash_dividend_oku: 66.499557
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 210.429367
net_debt_issuance_repayment_oku: -9814.77727
cash_identity_close_oku: 46186.693616

shares_and_holder

内容を開く

new_common_shares_from_sbc: 77854
sbc_issuance_date_assumed: 2035-06-30
sbc_grant_fair_value_price_proxy_krw: 683145.69
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 30803
assumed_buyback_price_krw: 683145.69
old_common_shares_tendered: 30553.454385247
proportional_tender_ratio: 0.991898658743
old_holder_cash_dividends_received_oku: 2756.347517
old_holder_buyback_cash_received_oku: 208.724607
old_holder_total_cash_received_oku: 2965.072123
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

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parent_open_oku: 191191.805436
parent_profit_oku: 14029.073258
equity_settled_sbc_reserve_credit_oku: 531.85774
dividend_declared_and_paid_common_oku: 2775.901558
dividend_declared_and_paid_preferred_oku: 109.861829
treasury_common_buyback_oku: 210.429367
nci_open_oku: 8573.547488
nci_profit_oku: 554.162977
nci_dividend_oku: 66.499557
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 202656.54368

issued_common_treasury_and_preferred_end

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親会社持分（億）: 202656.54368
非支配持分資本（億）: 9061.210908
consolidated_equity_oku: 211717.754588
現金（億）: 46186.693616
interest_bearing_debt_oku: 17849.726278
net_debt_oku: -28336.967338
ppe_plus_intangibles_oku: 150629.68999
common_issued_shares: 75286888
common_treasury_shares: 2189796
common_outstanding_shares: 73097092
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72504907.51278
old_cohort_pct_of_common_outstanding: 0.991898658743

dividend_paid_from_fiscal_year

2034

dividend_right_created_fiscal_year

2035

source_class

author_model_assumption_not_company_guidance

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period

2036_final_partial_01-01_to_11-06

状態

forecast_assumption_post_2026-11-06

開始日

2035-12-31

終了日

2036-11-06

start_days_from_2026-11-06

3342

end_days_from_2026-11-06

3653

period_fraction_365_25

0.851471595

opening

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親会社持分（億）: 202656.54368
非支配持分資本（億）: 9061.210908
consolidated_equity_oku: 211717.754588
現金（億）: 46186.693616
interest_bearing_debt_oku: 17849.726278
net_debt_oku: -28336.967338
ppe_plus_intangibles_oku: 150629.68999
common_issued_shares: 75286888
common_treasury_shares: 2189796
common_outstanding_shares: 73097092
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72504907.51278
old_cohort_pct_of_common_outstanding: 0.991898658743

segments

component

sales_oku: 78430.141428
operating_margin_after_sbc_proxy: 0.183
営業利益（株式報酬控除後）: 14352.715881

package

sales_oku: 46956.91598
operating_margin_after_sbc_proxy: 0.105
営業利益（株式報酬控除後）: 4930.476178

optics

sales_oku: 39281.50937
operating_margin_after_sbc_proxy: 0.038
営業利益（株式報酬控除後）: 1492.697356

income

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total_sales_oku: 164668.566778
unallocated_corporate_cost_oku: 2634.697068
営業利益（株式報酬控除後）: 18141.192347
sbc_expense_included_in_operating_profit_oku: 461.071987
interest_income_oku: 589.899865
interest_expense_oku: 851.117954
other_nonoperating_oku: -988.011401
profit_before_tax_oku: 16891.962857
income_tax_expense_oku: 4222.990714
consolidated_net_profit_oku: 12668.972143
nci_profit_oku: 481.420941
parent_net_profit_after_sbc_oku: 12187.551201
depreciation_and_amortization_oku: 11856.136808

cashflow

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operating_cashflow_proxy_oku: 24643.497534
capital_expenditure_cash_oku: 12020.805375
committed_FCBGA_project_capex_within_total_oku: 0
maintenance_capex_proxy_oku: 12020.805375
additional_growth_capex_oku: 0
working_capital_investment_oku: 342.683403
free_cashflow_before_financing_oku: 12622.692159
dividend_cash_paid_common_oku: 2850.786588
dividend_cash_paid_preferred_oku: 112.715383
nci_cash_dividend_oku: 57.770513
external_nci_capital_cash_received_oku: 0
issuer_common_share_buyback_cash_oku: 182.808762
net_debt_issuance_repayment_oku: -9325.395621
cash_identity_close_oku: 46279.908909

shares_and_holder

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new_common_shares_from_sbc: 69223
sbc_issuance_date_assumed: 2036-06-30
sbc_grant_fair_value_price_proxy_krw: 666067.048
prior_year_SBC_credit_now_issued_in_shares_oku: 0
new_common_cash_issue_proceeds_oku: 0
company_common_shares_bought_into_treasury: 27446
assumed_buyback_price_krw: 666067.048
old_common_shares_tendered: 27197.89416203
proportional_tender_ratio: 0.990960218685
old_holder_cash_dividends_received_oku: 2827.691393
old_holder_buyback_cash_received_oku: 181.156211
old_holder_total_cash_received_oku: 3008.847604
cash_only_holder_no_sbc_cash_outflow: はい

equity_rollforward

内容を開く

parent_open_oku: 202656.54368
parent_profit_oku: 12187.551201
equity_settled_sbc_reserve_credit_oku: 461.071987
dividend_declared_and_paid_common_oku: 2850.786588
dividend_declared_and_paid_preferred_oku: 112.715383
treasury_common_buyback_oku: 182.808762
nci_open_oku: 9061.210908
nci_profit_oku: 481.420941
nci_dividend_oku: 57.770513
external_nci_cash_capital_oku: 0
oci_and_unexplained_changes_assumed_oku: 0
parent_equity_close_calculated_oku: 212158.856135

issued_common_treasury_and_preferred_end

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親会社持分（億）: 212158.856135
非支配持分資本（億）: 9484.861336
consolidated_equity_oku: 221643.717471
現金（億）: 46279.908909
interest_bearing_debt_oku: 8524.330657
net_debt_oku: -37755.578252
ppe_plus_intangibles_oku: 150794.358557
common_issued_shares: 75356111
common_treasury_shares: 2217242
common_outstanding_shares: 73138869
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72477709.618618
old_cohort_pct_of_common_outstanding: 0.990960218685

dividend_paid_from_fiscal_year

2035

dividend_right_created_fiscal_year

未確認

source_class

author_model_assumption_not_company_guidance

forecast_period_count

horizons_y10

内容を開く

キャッシュフローの算出方法

timed_holder_cashflows_v1

initial_investment_oku

632435.1552

old_holder_at_start_common_shares

72693696

valuation_date

2026-11-06

終価の基準日

2036-11-06

terminal_year

10.0013689254

日付別キャッシュフロー

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想定日: 2026-12-29
year: 0.1451060917
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2026
common_dps_krw: 3850
preferred_dps_krw: 3900
record_date: 2026-12-31
scheduled_payment_date_assumed: 2027-04-19
preferred_cash_not_attributable_to_old_common_oku: 111.288606
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2027-04-19
year: 0.4490075291
金額: 2798.707296
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2026
dps_krw: 3850
ex_date: 2026-12-29
record_date: 2026-12-31
declaration_date_assumed: 2027-03-15
record_common_shares: 72693696
old_cohort_record_shares: 72693696
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

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想定日: 2027-06-30
year: 0.6461327858
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 63149
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 836520.15

内容を開く

想定日: 2027-12-29
year: 1.144421629
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2027
common_dps_krw: 3650
preferred_dps_krw: 3700
record_date: 2027-12-31
scheduled_payment_date_assumed: 2028-04-17
preferred_cash_not_attributable_to_old_common_oku: 105.581498
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2028-04-17
year: 1.4455852156
金額: 2653.319904
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2027
dps_krw: 3650
ex_date: 2027-12-29
record_date: 2027-12-31
declaration_date_assumed: 2028-03-15
record_common_shares: 72756845
old_cohort_record_shares: 72693696
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

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想定日: 2028-06-30
year: 1.6481861739
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 54373
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 815607.15

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想定日: 2028-12-29
year: 2.1464750171
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2028
common_dps_krw: 3650
preferred_dps_krw: 3700
record_date: 2028-12-31
scheduled_payment_date_assumed: 2029-04-17
preferred_cash_not_attributable_to_old_common_oku: 105.581498
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2029-04-17
year: 2.4449007529
金額: 2653.319904
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2028
dps_krw: 3650
ex_date: 2028-12-29
record_date: 2028-12-31
declaration_date_assumed: 2029-03-15
record_common_shares: 72811218
old_cohort_record_shares: 72693696
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

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想定日: 2029-06-30
year: 2.6475017112
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 58144
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 795216.97

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想定日: 2029-10-15
year: 2.9404517454
金額: 189.74148
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 190.199994
issuer_shares_bought: 23918
old_cohort_shares_tendered: 23860.340933519
ownership_fraction_at_tender: 0.997589302346
repurchase_price_krw: 795216.968

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想定日: 2029-12-28
year: 3.1430527036
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2029
common_dps_krw: 3500
preferred_dps_krw: 3550
record_date: 2029-12-31
scheduled_payment_date_assumed: 2030-04-17
preferred_cash_not_attributable_to_old_common_oku: 101.301167
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2030-04-17
year: 3.4442162902
金額: 2543.444248
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2029
dps_krw: 3500
ex_date: 2029-12-28
record_date: 2029-12-31
declaration_date_assumed: 2030-03-15
record_common_shares: 72845444
old_cohort_record_shares: 72669835.659066
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

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想定日: 2030-06-30
year: 3.6468172485
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 61518
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 775336.54

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想定日: 2030-10-15
year: 3.9397672827
金額: 192.446341
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 193.074306
issuer_shares_bought: 24902
old_cohort_shares_tendered: 24821.007458548
ownership_fraction_at_tender: 0.996747548733
repurchase_price_krw: 775336.544

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想定日: 2030-12-27
year: 4.1396303901
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2030
common_dps_krw: 3550
preferred_dps_krw: 3600
record_date: 2030-12-31
scheduled_payment_date_assumed: 2031-04-17
preferred_cash_not_attributable_to_old_common_oku: 102.727944
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2031-04-17
year: 4.4435318275
金額: 2578.89802
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2030
dps_krw: 3550
ex_date: 2030-12-27
record_date: 2030-12-31
declaration_date_assumed: 2031-03-17
record_common_shares: 72882060
old_cohort_record_shares: 72645014.651608
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

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想定日: 2031-06-30
year: 4.6461327858
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 64775
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 755953.13

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想定日: 2031-10-15
year: 4.93908282
金額: 194.688162
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 195.497039
issuer_shares_bought: 25861
old_cohort_shares_tendered: 25753.999113261
ownership_fraction_at_tender: 0.995862461361
repurchase_price_krw: 755953.13

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想定日: 2031-12-29
year: 5.144421629
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2031
common_dps_krw: 3600
preferred_dps_krw: 3650
record_date: 2031-12-31
scheduled_payment_date_assumed: 2032-04-19
preferred_cash_not_attributable_to_old_common_oku: 104.154721
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2032-04-19
year: 5.4510609172
金額: 2614.293383
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2031
dps_krw: 3600
ex_date: 2031-12-29
record_date: 2031-12-31
declaration_date_assumed: 2032-03-15
record_common_shares: 72920974
old_cohort_record_shares: 72619260.652495
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

内容を開く

想定日: 2032-06-30
year: 5.6481861739
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 67867
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 737054.3

内容を開く

想定日: 2032-10-15
year: 5.9411362081
金額: 196.919014
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 197.921192
issuer_shares_bought: 26853
old_cohort_shares_tendered: 26717.029337422
ownership_fraction_at_tender: 0.994936481489
repurchase_price_krw: 737054.302

内容を開く

想定日: 2032-12-29
year: 6.1464750171
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2032
common_dps_krw: 3650
preferred_dps_krw: 3700
record_date: 2032-12-31
scheduled_payment_date_assumed: 2033-04-18
preferred_cash_not_attributable_to_old_common_oku: 105.581498
ex_date_status: forecast_not_KRX_confirmed

内容を開く

想定日: 2033-04-18
year: 6.4476386037
金額: 2649.627842
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2032
dps_krw: 3650
ex_date: 2032-12-29
record_date: 2032-12-31
declaration_date_assumed: 2033-03-15
record_common_shares: 72961988
old_cohort_record_shares: 72592543.623157
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

内容を開く

想定日: 2033-06-30
year: 6.6475017112
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 71108
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 718627.94

内容を開く

想定日: 2033-10-17
year: 6.945927447
金額: 200.523478
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 201.740423
issuer_shares_bought: 28073
old_cohort_shares_tendered: 27903.657228675
ownership_fraction_at_tender: 0.993967770765
repurchase_price_krw: 718627.945

内容を開く

想定日: 2033-12-29
year: 7.1457905544
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2033
common_dps_krw: 3700
preferred_dps_krw: 3750
record_date: 2033-12-31
scheduled_payment_date_assumed: 2034-04-17
preferred_cash_not_attributable_to_old_common_oku: 107.008275
ex_date_status: forecast_not_KRX_confirmed

内容を開く

想定日: 2034-04-17
year: 7.4442162902
金額: 2684.891679
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2033
dps_krw: 3700
ex_date: 2033-12-29
record_date: 2033-12-31
declaration_date_assumed: 2034-03-15
record_common_shares: 73005023
old_cohort_record_shares: 72564639.965929
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

内容を開く

想定日: 2034-06-30
year: 7.6468172485
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 74404
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 700662.25

内容を開く

想定日: 2034-10-16
year: 7.9425051335
金額: 204.446228
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 205.896608
issuer_shares_bought: 29386
old_cohort_shares_tendered: 29178.998763069
ownership_fraction_at_tender: 0.992955787214
repurchase_price_krw: 700662.246

内容を開く

想定日: 2034-12-29
year: 8.1451060917
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2034
common_dps_krw: 3800
preferred_dps_krw: 3850
record_date: 2034-12-31
scheduled_payment_date_assumed: 2035-04-17
preferred_cash_not_attributable_to_old_common_oku: 109.861829
ex_date_status: forecast_not_KRX_confirmed

内容を開く

想定日: 2035-04-17
year: 8.4435318275
金額: 2756.347517
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2034
dps_krw: 3800
ex_date: 2034-12-29
record_date: 2034-12-31
declaration_date_assumed: 2035-03-15
record_common_shares: 73050041
old_cohort_record_shares: 72535460.967165
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

内容を開く

想定日: 2035-06-30
year: 8.6461327858
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 77854
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 683145.69

内容を開く

想定日: 2035-10-15
year: 8.93908282
金額: 208.724607
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 210.429367
issuer_shares_bought: 30803
old_cohort_shares_tendered: 30553.454385247
ownership_fraction_at_tender: 0.991898658743
repurchase_price_krw: 683145.69

内容を開く

想定日: 2035-12-28
year: 9.1416837782
金額: 0
種類: dividend_ex_rights_no_cash
date_status: forecast_assumption
fiscal_year: 2035
common_dps_krw: 3900
preferred_dps_krw: 3950
record_date: 2035-12-31
scheduled_payment_date_assumed: 2036-04-17
preferred_cash_not_attributable_to_old_common_oku: 112.715383
ex_date_status: forecast_not_KRX_confirmed

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想定日: 2036-04-17
year: 9.4455852156
金額: 2827.691393
種類: common_dividend_cash_received
date_status: forecast_assumption
fiscal_year: 2035
dps_krw: 3900
ex_date: 2035-12-28
record_date: 2035-12-31
declaration_date_assumed: 2036-03-17
record_common_shares: 73097092
old_cohort_record_shares: 72504907.51278
declared_vs_forecast: forecast_not_declared_as_of_2026-11-06
tax: gross_before_all_investor_withholding

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想定日: 2036-06-30
year: 9.6481861739
金額: 0
種類: noncash_sbc_common_issuance
date_status: forecast_assumption
common_new_shares: 69223
issuer_cash_proceeds_oku: 0
estimated_grant_fair_value_per_share_krw: 666067.05

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想定日: 2036-10-15
year: 9.9411362081
金額: 181.156211
種類: common_share_proportional_buyback_tender
date_status: forecast_assumption
issuer_total_buyback_cash_oku: 182.808762
issuer_shares_bought: 27446
old_cohort_shares_tendered: 27197.89416203
ownership_fraction_at_tender: 0.990960218685
repurchase_price_krw: 666067.048

期間内株主受取

28329.186707

終価

159478.082401

company_all_common_terminal_equity_oku

160932.880447

company_preferred_terminal_equity_oku

6291.186405

company_parent_total_terminal_equity_oku

167224.066852

holder_ownership_ratio_terminal_common

0.990960218685

irr

-0.120270803163

pv_holder_dividends_buybacks_oku_at_scenario_cost_equity

16135.219075

pv_holder_terminal_oku_at_scenario_cost_equity

46149.077566

pv_old_holder_total_oku_at_scenario_cost_equity

62284.29664

estimated_fair_value_krw_per_initial_common_share

85680.465

estimated_fair_value_to_price_ratio

0.0984833

terminal_cashflow_method

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方法

2037_steady_state_FCFF_at_WACC_less_g_with_share_neutral_SBC_and_no_terminal_PE

2037_consolidated_sales_oku

196890.657775

2037_operating_profit_after_sbc_oku

21691.032866

2037_segment_operating_profits_oku

component: 17161.233173
package: 5895.264147
optics: 1784.786071

2037_corporate_overhead_oku

3150.250524

2037_sbc_expense_already_in_operating_profit_oku

551.293842

2037_nopat_after_sbc_oku

16268.274649

2037_non_cash_sbc_added_back_once_oku

551.293842

2037_normalized_after_tax_operating_return_plus_SBC_oku

16819.568491

2037_incremental_ron_ic

0.14

2037_growth_reinvestment_oku

1922.236399

2037_forecast_share_awards_units

84891

2037_forecast_share_neutral_market_repurchase_units

84891

2037_assumed_market_price_for_share_neutralization_krw

649415.371

2037_share_neutral_repurchase_cash_oku

551.295203

2037_sustainable_after_SBC_neutralization_FCFF_oku

14346.036889

wacc

0.107

perpetuity_g

0.016

terminal_enterprise_value_oku

157648.757026

terminal_gross_debt_oku

8524.330657

terminal_cash_oku

46279.908909

terminal_required_operating_cash_oku

19379.001749

terminal_excess_cash_added_oku

26900.907159

terminal_equity_before_NCI_oku

176025.333528

terminal_NCI_fair_value_share_assumed

0.05

terminal_NCI_fair_value_oku

8801.266676

terminal_parent_equity_value_including_common_and_preferred_oku

167224.066852

preferred_50KRW_extra_dividend_perpetuity_oku

12.299802

2036_11_06_common_equity_value_oku

160932.880447

2036_11_06_preferred_equity_value_oku

6291.186405

2036_11_06_old_cohort_equity_oku

159478.082401

no_double_count_explanation

Operating profit and parent profit keep SBC expense. During 2027-2036 explicit forecasts: add noncash SBC to cash and record issuance dilution once. From 2037 FCFF adds back SBC then deducts full market-cost cash to repurchase exactly predicted future award shares, holding post-terminal common share count constant; no further dilution charged. Preferenced shares and NCI are removed from old common value once.

endpoint

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親会社持分（億）: 212158.856135
非支配持分資本（億）: 9484.861336
consolidated_equity_oku: 221643.717471
現金（億）: 46279.908909
interest_bearing_debt_oku: 8524.330657
net_debt_oku: -37755.578252
ppe_plus_intangibles_oku: 150794.358557
common_issued_shares: 75356111
common_treasury_shares: 2217242
common_outstanding_shares: 73138869
preferred_issued_shares: 2906984
preferred_treasury_shares: 53430
preferred_outstanding_shares: 2853554
old_common_cohort_remaining_shares: 72477709.618618
old_cohort_pct_of_common_outstanding: 0.990960218685

source_class

independent_scenario_model_not_company_projection

キャッシュフローの算出方法

timed_holder_cashflows_v1

期間内株主受取

28329.186707

終価

159478.082401

irr

-0.120270803163

中立（確率 40.0%）

事業別の売上と利益率、設備投資、普通株と優先株の配分、株式報酬を仮定して、旧普通株主の配当・買戻しと残存価値を試算。

このシナリオの数値・キャッシュフローを開く →

強気（確率 20.0%）

事業別の売上と利益率、設備投資、普通株と優先株の配分、株式報酬を仮定して、旧普通株主の配当・買戻しと残存価値を試算。

このシナリオの数値・キャッシュフローを開く →

最良（確率 10.0%）

事業別の売上と利益率、設備投資、普通株と優先株の配分、株式報酬を仮定して、旧普通株主の配当・買戻しと残存価値を試算。

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事業の詳細

model: manufactures passive component MLCC, high-density FCBGA semiconductor packages, optical camera modules
moat_ja: MLCC小型大容量・耐熱とADAS品質、FCBGA微細配線・大面積歩留りに技術優位。新工場は顧客長期契約で支えるが数量保証・支援入金額は未検証。
customers: Samsung Electronics and consolidated subsidiaries approximately 26% of H1 reported sales (secondary transcription); others unnamed global Big Tech and automotive customers; concentration risks.
price_volume_mix: segment sales known but unit ASP, units, and operating profit by segment not disclosed: forecast growth and margins are analyst judgment, not official disclosures.
sbc_rule: P&L operating profit and parent profit already net of SBC; CFO addback and shares dilution explicitly recorded; 2026 Q4 accrual vests 2027 rather than disappearing, with 2037 perpetual awards share-neutralized through cash market repurchase

競争力の詳細

financial_2026q3_status

preliminary company issued 2026-10-28 pre-external review

reported_last_2026_q3

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currency: KRW
単位: oku KRW
sales: 37633
operating_profit: 6910
pbt: 6097
tax_expense: 1247
consolidated_net_profit: 4850
parent_profit: 4687
nci_profit_derived: 163
assets: 170612
debt: 34263
cash: 41137
equity_total: 104988
quarter_capex_intangible_tangible: 8627

reported_2026_h1_derived_secondary

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親会社持分（億）: 102305.79
非支配持分資本（億）: 2985.63
consolidated_total_oku: 105291.42
出典: secondary reproducing 2026-08-14 DART report; direct DART unavailable

2026q3_nci_and_parent_equity_proxy

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非支配持分（億）: 3148.63
parent_oku: 101839.37
q3_oci_and_other_to_reconcile_oku: -5153.42
方法: Q2 NCI+Q3 reported consolidated less parent profit; all Q3 OCI and other equity movement forced to parent as residual; inherently uncertain

q3_earnings_after_sbc

reported K-IFRS parent result; no additional SBC deduction

nine_months_exact_through_q3_2026

内容を開く

sales_oku: 104295.96
営業利益（億）: 14118.99
pbt_oku: 13593.93
income_tax_oku_derived: 2933.7
consolidated_profit_oku: 10660.23
parent_profit_oku: 10335.3
状態: KRX fair-disclosure cumulative numbers from 2026-10-28 primary filing, reproduced by filings archive; Q1-Q3 component sums are rounded IR deck numbers

2026Q3_parent_return_on_equity_LTM_proxy

未確認

業界の詳細

cycles

smartphone handset seasonality and inventory cycles; AI capex availability, FC-BGA yield and MLCC capacity; autos and EV ADAS slower smoothing demand

technologies

内容を開く

1: AI server MLCC
2: advanced FCBGA substrates
3: automotive MLCC
4: camera modules
5: Glasssem glass cores

competitors

内容を開く

1: Murata
2: Taiyo Yuden
3: Yageo
4: Ibiden
5: Unimicron
6: Nan Ya PCB
7: LG Innotek

risks

内容を開く

1: price pressure on mature MLCC and handset cameras
2: geopolitical customer and supply-chain concentration
3: capex and inventory overbuild
4: overestimation of Big Tech funding and 2032 contracted volume

non_disclosed

内容を開く

1: division EBIT/margin
2: MLCC AI revenue and product ASP/volume
3: FCBGA long term contract prices/units
4: specific Big Tech revenue concentration
5: SBC award level in 2026 after accounting cutoffs

財務・資本配分の詳細

historical_shares_as_of_proxy

2025-12-31 issuer formal annual report, assumed unchanged to 2026-11-06 pending definitive H1 share check

ordinary_outstanding_basis

72693696

preferred_outstanding

2853554

preferred_rights

nonvoting preferred, 2025 annual cash DPS KRW50 above ordinary; modeled equally residual participation and preference annuity, no terminal listed preferred market price regression

dividend_history

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fiscal_year: 2025
common_krw: 2350
preferred_krw: 2400
ex_date: 2025-12-29
pay_date: 2026-04-17
状態: paid_before_cutoff_excluded

future_dividend_policy

company states ~20% or more payout subject to capex and cashflow; scenario ratio forecast, never newly resolved on as_of

authorized_future_repurchases_as_of_date

未確認

share_treasury_policy

old cohort only ordinary outstanding; hypothetical buybacks are held in treasury, no future cancellations; no company cash represented by SBC dilution; no secondary trust purchases modeled

commitment_FCBGA_capex_oku

内容を開く

sejong

42700

vietnam

25100

total

67800

allocation_forecast

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2027

sejong: 3500
vietnam: 1000

2028

sejong: 24000
vietnam: 7000

2029

sejong: 15200
vietnam: 10000

2030

sejong: 0
vietnam: 6000

2031

sejong: 0
vietnam: 1100

customer_cash_support_disclosed_without_amount

zero contract advances included in core case, avoid free-money double count

jv_2026_11_05

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total_subscription_oku: 3191
issuer_parent_cash_oku: 2391
issuer_parent_in_kind_oku: 800
ownership_pct: 0.662
partner_subscription_oku_inferred: 1630
consolidation_assumption: partner 1630 oku recognized as external NCI equity and consolidated cash before cutoff; parent 2391 internal cash transfer and 800 in-kind have zero group cash effect; if non-cash or consolidation delayed this bridge changes
put_call_options: deadlock call/put after 5 years; fair values unquantified not booked in projection

equity_accounting

parent book equity=P0+parent NI after SBC+SBC reserve credit-common/pref declared dividend-common buyback+OCI; NCI independently retained

評価根拠の詳細

current_common_price_krw

870000

year_2025_parent_profit_oku

7061

TTM_parent_profit_2025Q4_to_2026Q3_oku

12564

TTM_ordinary_plus_preferred_EPS_KRW

16630.652

spot_TTM_PE_indicator_only_not_terminal_used

52.313

terminal_formula

not_used

1: current market P/E terminal target
2: analyst price target
3: future stock quote to determine terminal market cap

scenario_fair_value_krw_per_initial_share

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very_bearish: 8223.095
bearish: 85680.465
neutral: 353806.898
bullish: 867906.683
very_bullish: 1938391.23

disputed_desktop_894000_quote_sensitivity_only

内容を開く

alternative_price_krw

894000

price_not_used_in_basis

はい

alternative_initial_ordinary_common_market_value_oku

649881.64224

case_IRR_at_alternative_buy_price_no_operating_changes

内容を開く

very_bearish: -0.492131540799
bearish: -0.12274907982
neutral: 0.009520902178
bullish: 0.097514810246
very_bullish: 0.190887637349

weighted_mean_of_alternative_price_case_IRRs

-0.031362883389

説明

分析基準とデータ

価格・単価: 870000
単価の単位: KRW per ordinary common share
株価の出所: 会社IRの日付別株価表で2026-11-06終値870,000 KRWを確認。11月8日付の現在値894,000は異なる時点。KRX原票の直接取得は未完了。
price_status: 2026-11-06 observed company primary historical price; KRX direct independently unverified
株数: 72693696
shares_definition: initial non-treasury ordinary common shares only, not preferred shares; entire opening cohort
終価: 632435.1552
initial_ordinary_common_holder_cohort_market_value_oku: 632435.1552
issued_common_shares: 74693696
treasury_common_shares: 2000000
issued_preferred_shares: 2906984
treasury_preferred_shares: 53430
preferred_outstanding_shares: 2853554
preferred_2026_11_06_price_krw_secondary: 315500
equity_class_holders: all opening ordinary common holders are assumed to buy at close; listed nonvoting preferred shareholders are excluded

追加データ・検証記録

分析ごとに収録された追加の前提、年度別データ、検証上の注意を確認できます。

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分析に使用した資料

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